The Spanish bank BBVA integrates Ripple Custody's digital asset storage technology.
BBVA will be able to provide a secure storage service for cryptocurrencies and tokenized assets, according to the press release.
Ripple announced a partnership with BBVA, under which the Spanish bank will use Ripple Custody's digital asset storage technology.
The press release stated that BBVA would use Ripple Custody to provide a scalable and secure service for storing tokenized assets, including cryptocurrencies.
Ripple's Managing Director in Europe, Kessie Credock, stated:
«Now that the regulation of the crypto asset market (MiCA) is established across the EU, banks in the region have been incentivized to launch digital asset offerings demanded by their clients, BBVA has long been one of the most innovative banks in the region.»
BBVA's Director of Digital Assets Francisco Maroto added that Ripple Custody allows the bank to create a comprehensive infrastructure for the storage of crypto assets in accordance with the highest security standards.
The press release states that Ripple's storage technology enables financial institutions such as BBVA to respond to client demand for access to cryptocurrencies and other digital assets while adhering to strict security requirements, operational processes, and regulations.
It is worth noting that earlier, the media reported that the cryptocurrency exchange Binance would store client funds at BBVA.
